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interesting ;-
The new team reduced the headcount of the Moscow office from 170 to about 100 employees - mainly support services such as HR and IT. I also had to part with the head of one of the mines - Aleksandrov recalls that he came to the enterprise and was faced with a violation of safety regulations and "non-observance of the dry law."
Petropavlovsk started working on costs. “We stopped payments to contractors for a month, sorted out the contracts, were able to reduce their cost by 10-15%,” says Aleksandrov. “We analyzed all major counterparties - out of 100 companies that were included in the red list, about 30 were transferred to the black list and we stopped working with them.” A top manager of one of the Petropavlovska subsidiaries owned a supplier company. “For two years, she supplied us with products worth 400 million rubles and everyone knew about it,” Alexandrov wonders. "We parted with this employee." In just the first months, costs were reduced by $ 26 million.
Gold above $1800 again, good recovery.
A new cheaper $200m credit line from the bank.
Looks like $136m of the $200m notes for sale have been tendered to purchase sofar and gone past the withdrawal date so only £65m more notes to sell before 9th August, hopefully that will mean we can negotiate lower interst payments for our debt.
Thats fine rustybucket but once purchased it should affect the price by pushing it up a decent percentage, supply and demand, otherwise it's just the mm's who are deciding the shareprice irrespective of buys and sells volume. As you said dropping the pricetaking out the stop loses frees up the shares but there has to be a reaction to the purchases which we haven't seen unless it was Monday's rise.
How can you purchase 120 m shares way above the ask price without affecting the share price? Can someone explain please.
Lets not forget that by getting rid of IRC and the gaurantee we will instantly increase our credit rating which means we will be able to renegotiate our remaining loans at a more favourable rate which will save us many millions in the long run, hence we are getting more than the £10m for IRC overall. Lets look at the big picture, whilst we would all like to sell for more it'sthe gaurantee that we need to get rid of asap.
Just looked through the AGM agenda and can't see any mention of the IRC deal, only last resolution about addressing the lack of capital in the company which could loosely be linked, other than that presumably it would be 'an other business'.
Lawrence 13, it's full of reasons that may affect production because it's a risk register, which needs tobe accompanied by actions to mitigate the risks.
KRSS how can you say that Sova could be holding an extra 2% of POG shares in the background, they would need to notify shareholders via an RNS if their holding increased beyond the 3% declared, certainly by an extra 2%, sounds like blatant scaremungaring to me, I'm sure you would have known that being a canny investor.
If it is so obvious that there is a plan to reduce the share price for a cheap takeover , why have Sova just bought 120m shares in the company at the current price, I assume they have done due dilligence before investing their clients money and they are obliged not to knowingly waste money.
Looks like Sova Capital have faith in POG, they have increased their holding from 0.16% to 3.02%, big increase.
Financial Results to be posted on 17th May, same day as the pubs etc open up which will get all the attention, hope it's not a good day to 'bury bad news'.
Sorry, message as response to UDF not Headcount, losing the plot now.
Headcount, you misunderstood what I was trying to say, basically, no good in reducing costs including headcount if it means reducing 'profitable' production, if it's unprofitable production then there is a case for it. The bottom line is that profitable production needs to be increased and unprofitable production decreased.
UDF, thanks for the compliment, I spent my managerial time in a business that set, and had set for it, all sorts of targets, the trick was to beat the system which I was good at. The bottom line is basically irrespective of costs it profit that matters, obviously, if you can reduce genuine costs, then increasing profit becomes easier provided you can maintain production levels. The balance becomes harder when you have to maintain production levels at higher costs which then needs to be balanced against what the bottom line will become. Hopefully our billionaire BODs will have the business acumen to work this out.
Lets make sure we are counting the same things here, lots of companies compliment direct labour headcounts with indirect 'contractor/third party' bodies, not officially employed by the company but brought in to 'do a job/specific contract'. The only way of comparing like for like is by studying the breakdown of the 'all in costs, what is labour and contractual costs and what are other costs i.e. plant and energy. Lots of firms employ a smoke and mirrors approach to achieving pre-targeted goals.
Ideal reading for the conspircy theorists. That said, it does make good reading and gives an insite into the 'my word is my bond' honest institution that clouds share investment.
The press releases posted make reference to the fact that anyone wanting to purchace POG's stake in IRC would have to come to the table with their own guarantee to satisfy Gazprombank to remove the liability on POG so there must be some of the $200m guarantee left.
Wonder what effect on the share price the sale of our stake in IRC and associated removal of debt gaurantee would have. All we need now is for Investor Relations to transfer all the interviews to the Russian media into a road map with timeframe, goals and targets for us poor shareholders to meadure them against.